Russell Investments Group Ltd. Increases Stock Position in First Solar, Inc. (NASDAQ:FSLR)

Russell Investments Group Ltd. raised its position in First Solar, Inc. (NASDAQ:FSLR) by 73.2% during the fourth quarter, Holdings Channel.com reports. The fund owned 132,481 shares of the solar cell manufacturer’s stock after purchasing an additional 55,971 shares during the quarter. Russell Investments Group Ltd.’s holdings in First Solar were worth $23,422,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of FSLR. Norges Bank bought a new stake in shares of First Solar in the fourth quarter worth about $317,399,000. Mirova US LLC lifted its holdings in First Solar by 961.0% in the 4th quarter. Mirova US LLC now owns 646,310 shares of the solar cell manufacturer’s stock worth $113,906,000 after buying an additional 585,394 shares during the period. Amundi grew its position in shares of First Solar by 31.0% in the 4th quarter. Amundi now owns 1,805,244 shares of the solar cell manufacturer’s stock worth $336,871,000 after buying an additional 426,797 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of First Solar by 12.5% during the fourth quarter. Wellington Management Group LLP now owns 2,359,846 shares of the solar cell manufacturer’s stock valued at $415,899,000 after buying an additional 262,482 shares during the period. Finally, Handelsbanken Fonder AB raised its holdings in shares of First Solar by 110.4% during the fourth quarter. Handelsbanken Fonder AB now owns 375,010 shares of the solar cell manufacturer’s stock valued at $66,092,000 after acquiring an additional 196,744 shares in the last quarter. 92.08% of the stock is owned by institutional investors.

Insider Activity

In other news, General Counsel Jason E. Dymbort sold 363 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $133.75, for a total value of $48,551.25. Following the transaction, the general counsel now owns 22,273 shares in the company, valued at $2,979,013.75. This represents a 1.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Georges Antoun sold 229 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $133.75, for a total transaction of $30,628.75. Following the sale, the insider now owns 52,836 shares of the company’s stock, valued at $7,066,815. This trade represents a 0.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,311 shares of company stock valued at $4,767,158 in the last ninety days. 0.58% of the stock is currently owned by company insiders.

First Solar Price Performance

NASDAQ FSLR opened at $120.38 on Wednesday. First Solar, Inc. has a one year low of $118.57 and a one year high of $306.77. The stock has a 50-day moving average of $143.05 and a 200 day moving average of $179.01. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14. The company has a market capitalization of $12.89 billion, a price-to-earnings ratio of 10.37, a PEG ratio of 0.19 and a beta of 1.48.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 EPS for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.48 billion. First Solar had a return on equity of 17.56% and a net margin of 32.41%. On average, sell-side analysts forecast that First Solar, Inc. will post 13.05 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FSLR. Bank of America cut their price target on shares of First Solar from $236.00 to $215.00 and set a “buy” rating on the stock in a report on Tuesday. StockNews.com upgraded shares of First Solar from a “sell” rating to a “hold” rating in a research report on Thursday, January 2nd. Robert W. Baird lowered their price objective on shares of First Solar from $307.00 to $267.00 and set an “outperform” rating for the company in a report on Wednesday, December 18th. JPMorgan Chase & Co. reduced their target price on First Solar from $282.00 to $268.00 and set an “overweight” rating on the stock in a report on Wednesday, February 26th. Finally, Redburn Atlantic initiated coverage on First Solar in a research note on Monday, March 3rd. They issued a “neutral” rating for the company. Four equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, First Solar currently has an average rating of “Moderate Buy” and a consensus target price of $257.42.

First Solar Profile

First Solar, Inc, a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, Japan, Chile, and internationally. The company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules.